Funding arb · Price arb /

PROVE

all PROVE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 03:00 UTC−0.1350%/8h= −147.8% APRpaid last 24h −0.144%

Price spread now: MEXC against Hyperliquid−0.141%7-day average −0.041% · you buy dearer than you sell

Net, funding: paid 7d − costs−$84as in the Funding arb table

Net, price: spread back to 7d avg − costs−$88as in the Price arb table

costs, in and out, $10k−$780.781% of the position

Long on Hyperliquid Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.058%−$6 on $10k

Price spread, last 4 days (all we have)−0.594%−$59 · spread now −0.141%, 7d avg −0.041%

Together, before fees−0.652%+ Points / potential airdropHyperliquid: Season 2 · farm board−$65 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$41 a day on $10k at the current rate, and MEXC is 0.100% cheaper against Hyperliquid than usual: you would sell low and buy high (−$10 if the spread goes back to its 7-day average of −0.041%). Swap the legs.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.058% in total (about -3.0% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Hyperliquid PROVE	0.2339	−0.3700	get 0.0462% / 1h	44m 58s	$347K	$942K	3x
Short	MEXC PROVE_USDT	0.2336	−0.5050	pay 0.2525% / 4h	1h 44m	$281K	$417K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC against Hyperliquid. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee HyperliquidbpFee MEXCbpOrdersPrice spread, now −0.141%Rate

Funding earned: −$283.54
Price spread: −0.141% → −0.041%: −$10.02
Slippage, 4 orders: −$65.08
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$371.65
Costs to cover: 0.781%
Break-even: never at this rate

Slippage from Hyperliquid: live order book, 65 min ago; MEXC: live order book, 66 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Hyperliquid live order book, 65 min ago	2.56 bp	32.1 bp −$32	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 66 min ago	4.27 bp	12.2 bp −$12	50.0 bp −$500	230.1 bp −$23.0K	doesn't fit

PROVE on 14 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Bybit PROVEUSDT	−0.6761%	4h	0.2344	+0.201%	$2.1M	$11.4M	25x	as long as short
ApeX Omni PROVEUSDT	−0.5684%	1h	0.2332	−0.291%	$49K	$333K	50x	as long as short
OKX PROVE-USDT-SWAP	−0.5541%	4h	0.2337	−0.098%	$618K	$8.4M	20x	as long as short
Variational Omni PROVE	−0.5431%	4h	0.2342	+0.098%	$28K	$47K	—	as long as short
Aster PROVEUSDT	−0.5252%	4h	0.2347	+0.329%	$46K	$273K	5x	as long as short
Bitget PROVEUSDT	−0.5100%	4h	0.2336	−0.141%	$714K	$5.1M	50x	as long as short
Binance PROVEUSDT	−0.5051%	4h	0.2336	−0.156%	$3.4M	$37.7M	75x	as long as short
MEXC PROVE_USDTshort	−0.5050%	4h	0.2336	−0.141%	$281K	$417K	20x
KuCoin PROVEUSDTM	−0.4824%	4h	0.2338	−0.056%	$2.8M	$1.1M	50x	as long as short
Gate PROVE_USDT	−0.4402%	4h	0.2337	−0.098%	$204K	$1.1M	75x	as long as short

Show all 14 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
GRVT PROVE_USDT_Perp	−0.4356%	4h	0.2338	−0.036%	$216K	$2.7M	10x	as long as short
Hyperliquid PROVElong	−0.3700%	1h	0.2339	long leg	$347K	$942K	3x
BingX PROVE-USDT	−0.3558%	4h	0.2333	−0.269%	—	$2.5M	—	as long as short
Lighter PROVE	−0.0512%	1h	0.2343	+0.175%	$82K	$138K	3x	as long as short